$747 million record remittances received in July

[Naveed Yaseen]

KARACHI (August 12 2009): Workers remittances sent by overseas Pakistanis surged by 19.13 percent to a record $747 million during the first month of current fiscal year as compared to same period last fiscal year. Pakistani workers remitted a record amount of $747.22 million in July 2009 against $627.21 million in the same month of the last fiscal year (July 2008), showing a jump of $120.01 million.

The amount of $747.22 million includes $0.14 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs). The previous highest amount remitted in a single month by Pakistani workers was recorded in March 2009, when an amount of $739.43 million was received. The inflow of remittances into Pakistan from almost all the countries of the world increased last month as compared to July 2008.

According to the break-up, remittances from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $159.32 million, $151.17 million, $150.13 million, $107.63 million, $71.23 million and $26.04 million, respectively as compared to the corresponding receipts from the respective countries during July 2008, ie $100.10 million, $133.26 million, $168.39 million, $105.31 million, $42.04 million and $17.07 million.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during July 2009 amounted to $81.56 million as compared to $60.99 million during July 2008. The country received the highest-ever amount of over $7.811 billion as workers' remittances in the recently concluded 2008-09 fiscal year, beating the previous record of $6.451 billion received in 2007-08.

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